Rupee Closes Below 74 Mark Against Dollar For First Time
The rupee extended its weakness against the dollar to a fifth consecutive session. Declining 30 paise from the previous close of 73.76, the rupee closed at a record 74.06 against the greenback on Monday. That marked the first time the rupee ended below the 74 mark against the American currency. Advances in the dollar overseas along with foreign fund outflows dragged the rupee lower, according to analysts.
The further loss in the rupee came after last week’s move by the Reserve Bank of India (RBI) to keep the key interest rates on hold, while changing its stance to 'calibrated tightening" from 'neutral' - meaning a rate cut is off the table for now.
(With inputs from PTI)